Fundamental News and Triggers

• Gold prices remained stable as market investors squared their positions ahead of US President Donald Trump’s sweeping reciprocal tariff plans, which they fear will exacerbate inflation and stymie economic growth. The focus is now on potential reciprocal tariffs that the US administration may impose on April 2, prompting some market concern.
• In March, U.S. consumer confidence fell to its lowest level in more than four years, with households dreading a potential recession and increased inflation caused by tariffs.
• On the geopolitical front, the United States on Tuesday negotiated deals with Ukraine and Russia to halt their strikes at sea and against energy targets, with Washington agreeing to attempt to lift certain sanctions against Moscow.

Technical Triggers

• Gold has strong support at $3010 (~Rs 87200), if prices fall below this level, we could see further retracement and profit-booking in prices up to $2985 (~Rs 86500).
• Silver is trading in a range of $33 (~Rs 97000) to $35(~Rs 102,000) from the last few days. Buy on dips and sell on rallies should be the strategy used.

Support and Resistance

 

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